BitMEX CTO: A Botnet Attack Caused the Service Downtime During Crypto Market Crash

BitMEX exchange, has revealed what caused a downtime in their network last week amid the crypto market bear run. The company’s CTO, Samuel Reed, updated stakeholders via his twitter handle noting that a botnet had compromised the system;

The tweet was a response to an earlier post by BitMEX founder, Arthur Hayes, who had acknowledged concerns by users. Hayes highlighted that they are working to address the questions in a transparent manner over the coming days.

The BitMEX Botnet Attack

According to Reed, this botnet had made similar attempts on BitMEX’s ecosystem back in February. However, it was not successful given the exchange deployed its DDoS mitigation approach that have been effective for L3 & L4 attacks.

The attackers appear to have resurfaced on March 13th and their impact was felt this time coinciding with the market slump. Reed pointed out that the botnet compromised BitMEX through an end point that was consistently, reliably slow. This slow query was however identified after the second attack and has since been fixed as per the twitter thread;

“We're making systemic changes on our backend to ensure this can't happen again, and re-reviewing older systems to simplify, de-couple, isolate, and improve performance.”

On the brighter side, some crypto analysts have said that BitMEX’s operational halt prevented BTC from dipping further down to historic lows. BitMEX had earlier on attributed its network malfunction to hardware issues by one of its cloud providers but this position has gradually changed. Reed, the firm’s CTO, mentioned that they will continue to document any technical advances made within this area.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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